Tuesday, January 10, 2006

Medco acquired 25% Jeruk Field

PT Medco Energi International Tbk, through its wholly owned subsidiary Medco Strait Services Pte, has entered into a Jeruk Project Agreement with Singapore Petroleum Sampang Ptd (SPC) and Cue Sampang Pty Ltd to share in an aggregate of 25% economic interest which encompass the cost and revenue in Jeruk Field, East Java. The agreement was signed on January 4th, 2006, with total value of US$21.18 million.
With the acquisition, Medco become the second largest shareholder in Jeruk Field after Santos (45%), followed by SPC (21.8%), and Cue (8.2%). Jeruk Field is a development field, located in Sampang Block, East Java province.
The previous two drillings indicate that Jeruk Field contains high hydrocarbon. In 2005, 3D seismic survey was performed in the field. Processing and interpretation of the survey are expected to be completed in early 2006. Additional wells have been planned for 2006 to determine the full potential of the Jeruk discovery.




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